January 31, 2014
The Washington Post’s Steven Overly is reporting that Washington DC-based LivingSocial is going to close their 918 F. St NW class & events facility, as well as cease production of all live events as of this spring.
Additionally, as part of the Amazon.com’s regulatory filing, it was revealed that LivingSocial had a net loss of $183M for 2013. This is up from their $653M net loss in 2012. Amazon owns 30 percent of LivingSocial, which is why LivingSocial’s financials are included in Amazon’s.
With new leadership coming, a new and sizable war chest, and renewed focus on their online platform for merchants, it’ll be interesting to see if LivingSocial will be able to close the gap and finally hit profitability in 2014.
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